1. Before
Minnetrista Corporation
July 16, 2005

2. Before
Portfolio Composition
Current Target
Growth Equities 41.0% 44%
Bonds 2.6% 5%
Money Market 5.1% 1%
Value Equities 18.3% 18%
Small Cap 14.4% 14%
International 10.1% 10%
Real Estate 5.5% 5%
Emerging Market 3.0% 3%

3. Before
Investment Performance (last 12 months)
Portfolio 12 Month 12 Month
Class Benchmark Allocation Return Benchmark
----
Money Mkts and Equivalents 90-Day US Treasury Bill 5.1% 1.7% 2.2%
Taxable Bonds Lehman Bros Aggregate Bond Index 2.6% 3.5% 4.8%
Real Estate Equities NAREIT Equity REIT Index 5.5% 33.9% 32.6%
US Equities Standard and Poors 500 Stock Index 41.0% 6.3% 6.3%
Large Cap Value Russell 1000 Value Index 18.3% 12.8% 14.0%
Small Cap Equities Russell 2000 Index 14.4% 16.1% 9.5%
International Equities MSCI EAFE Gross Index 10.1% 12.9% 14.1%
Emerging Market Equities SandP/IFC Investable Composite Index 3.0% 36.3% 34.9%
----
Total 100% 11.6% 11.0%
----
(thru 6/30/05)

4. Before
Investment Performance
Portfolio Inception Inception
Class Benchmark Allocation Return Benchmark
----
Money Mkts and Equivalents 90-Day US Treasury Bill 5.1% 1.5% 1.6%
Municipal Bonds Lehman Bros 3 Yr Muni Index 0.0% 1.4% 1.1%
Taxable Bonds Lehman Bros Aggregate Bond Index 2.6% 5.1% 5.8%
Real Estate Equities NAREIT Equity REIT Index 5.5% 19.5% 19.4%
US Equities Standard and Poors 500 Stock Index 41.0% 2.8% 1.0%
Large Cap Value Russell 1000 Value Index 18.3% 7.0% 5.6%
Mid Cap Equities Russell Small Cap Completeness Index 0.0% -12.1% -17.6%
Small Cap Equities Russell 2000 Index 14.4% 13.5% 9.9%
International Equities MSCI EAFE Gross Index 10.1% 6.2% 6.6%
Emerging Market Equities SandP/IFC Investable Composite Index 3.0% 19.4% 18.2%
----
Total 100% 6.3% 5.3%
----
(thru 6/30/05)

5. Before
Minnetrista Corporation Projection
Model vs Actual
Adjusted for disbursements
$80,000
(000's)
$70,000
$60,000
$50,000
Model Projection
Actual
Index Adjusted
$40,000
$30,000
$20,000
$10,000
Ja 1
02
Ja 2
03
Ja 3
04
Ja 4
05
Ja 5
06
Ja 6
07
Ja 7
08
Ja 8
09
Ja 9
10
Ja 0
11
l-0
l-0
l-0
l-0
l-0
l-0
l-0
l-0
l-0
l-1
n-
n-
n-
n-
n-
n-
n-
n-
n-
n-
Ju
Ju
Ju
Ju
Ju
Ju
Ju
Ju
Ju
Ju
Jul-01 Jul-02 Jul-03 Jul-04 May-05 May-06 May-07 May-08 May-09 May-10 May-11
Model Projection $52,500 $55,053 $56,747 $58,509 $60,346 $62,275 $64,307 $66,457 $68,738 $71,166 $73,755
Actual $51,281 $47,126 $42,796 $49,550 $53,174
Index Adjusted $51,281 $44,080 $41,567 $48,330 $50,589

6. Before
The Benefits of Diversification
ANNUAL PERFORMANCE
Year Large Cap Small Cap Bonds International Real Estate
1988 16.50 24.89 7.89 28.59 13.47
1989 31.43 16.24 14.53 10.80 8.84
1990 -3.19 -19.51 8.96 -23.20 -15.34
1991 30.55 46.05 16.00 12.50 35.54
1992 7.68 18.41 7.40 -11.85 14.52
1993 10.00 18.91 9.75 32.94 19.67
1994 1.33 -1.82 -2.92 8.06 3.17
1995 37.50 28.44 18.47 11.55 15.25
1996 23.25 16.49 3.63 6.36 35.26
1997 33.38 22.36 9.65 2.06 20.29
1998 28.76 -2.55 8.69 20.33 -17.51
1999 21.14 21.26 -0.82 27.30 -4.62
2000 -9.19 -3.02 11.63 -13.96 26.35
2001 -11.87 2.49 8.44 -21.21 13.93
2002 -22.10 -20.49 10.26 -15.66 3.81
2003 28.71 47.25 4.10 39.17 37.14
2004 10.87 18.32 4.34 20.69 31.57
Source: Individual asset classes represented by the following indices: Large Cap = S&P 500;
Small Cap =; Russell 2000®; Bonds = Lehman Aggregate Bond Index; International = MSCI EAFE; Real Estate Equity = NAREIT Equity Index.

7. Before
Portfolio Return/Payments

8. Before
Portfolio Return/Payments
Since Inception Total Return, 7/01 – 5/05 $10,751,000 (6.1% compound
annual)
Less: Dividends -5,223,000
Administrative Expenses -2,409,000
Tax Distributions -730,000
Net Retained Value $2,389,000

9. Before
Market
Outlook

10. Before
•Federal Reserve Policy

11. Before
The Fed and the Markets
On average, the first Fed rate cut comes 5 months after the
last Fed rate hike.
Of the previous 16 final Fed rate hikes in a series of hikes, the market
was lower 6 months later 12 times (75%), with an average loss of 4.9%.
The Fed usually keeps tightening until the stock market and raw
materials prices break.
Normally the stock market continues to be at risk until the Fed has
lowered rates twice.
Source: Ned Davis Research

12. Before
•Federal Reserve Policy
•Consumer Posture

13. Before
Monthly Data 2/28/1967 - 6/30/2005 (Log Scale)
Dow Jones Industrial Average
Jan 2000
14191 Jun 1998
14191
DJIA Gain/Annum When:
11723 (2/28/1969 - 6/30/2005) 11723
9684 9684
8000 Consumer Gain/ % 8000
Confidence is: Annum of Time
6609 6609
Above 113 0.2 20.8
5460 Mar 2003 5460
* Between 66 and 113 5.8 67.5
4510 4510
3726 66 and Below 27.3 11.7 Sep 1987 3726
Feb 1989
3078 3078
2543 2543
2101 Feb 1992 2101
1735 Jan 1991 1735
1434 Oct 1968 Dec 1972 1434
1184 1184
978 978
808 808
668 Oct 1982 668
552 May 1980 552
456 6/30/2005 = 10275.0 456
Dec 1974
1970 1975 1980 1985 1990 1995 2000 2005
145 145
140 140
135 135
130 Extreme Optimism = Bearish for Stocks 130
125 125
120 120
115 115
110 110
105 105
100 100
95 95
90 90
85 85
80 80
75 75
70 70
65 65
60 60
55 55
50 50
45 45
40 Extreme Pessimism = Bullish for Stocks 6/30/2005 = 105.8 40
(S1060A) Consumer Confidence (Conference Board)
Copyright 2005 Ned Davis Research, Inc. Further distribution prohibited without prior permission. All Rights Reserved.
See NDR Disclaimer at www.ndr.com/copyright.html For data vendor disclaimers refer to www.ndr.com/vendorinfo

14. Before
•Federal Reserve Policy
•Consumer Posture
•Interest Rates

15. Before
Daily Data 1/02/1979 - 7/05/2005
10-Year Constant Maturity Treasury Note Yields
15.84
15.6 15.6
15.2 15.2
14.8 % 14.8
14.4 14.4
13.99
14.0 13.65 7/05/2005 = 4.11% 14.0
13.6 13.6
13.2 13.2
12.8 12.8
12.4 12.4
12.0 12.0
11.6 11.6
11.2 11.2
10.8 10.8
10.4 10.23 10.4
10.0 10.12 10.0
9.6 9.6
9.47 9.09
9.2 9.2
8.8 8.8
8.76
8.4 8.05
8.4
8.0 8.0
7.6 7.74 7.6
7.2 7.06 7.2
6.79
6.8 6.95 6.8
6.4 6.4
6.0 6.0
5.6 5.44 5.6
5.53
5.2 5.19 4.89
5.2
4.8 4.61 4.8
4.4 4.4
4.0 4.16 4.22 4.0
3.89
3.6 3.70 3.6
3.2 3.2
3.13
1983
1988
1993
1998
2003
(B151)
Copyright 2005 Ned Davis Research, Inc. Further distribution prohibited without prior permission. All Rights Reserved.
See NDR Disclaimer at www.ndr.com/copyright.html For data vendor disclaimers refer to www.ndr.com/vendorinfo

16. Before
Monthly Data 4/30/1953 - 6/30/2005
Fed Tightening Cycles
15.3
15
10-Year Treasury Note Yields 14
6/30/2005 = 4.00% 12.8
13
Scale Right 12
11
9.4 10
8.4 9.8 9
7.9 8.0
8
6.7 7
6.9 7.1
5.2 6
4.7 5.7
4.0 5.3 5
4.5 4.5 4
3.7 3
3.3
2.9 200 204
2.3
180 Treasury Yield Curve
(10-Year minus 3-Year Yields)
150 6/30/2005 = 31 120 120 113
120 Scale Left, in Basis Points 98
87 89
90 67
60
60
24
30
0 10
-30 -17 -25
-37
-60 -43
-61 -61 -69
-90 Shaded areas represent Fed tightening cycles
-120 -106
266
(1st rate hike to last rate hike)
-130
260
222
240
Corporate Yield Spread 203
218 220
(Moody's Baa minus Aaa Yields) 200
6/30/2005 = 31
Scale Right, in Basis Points 180
148
140
160
123 140
140
151 120
105 99
82
100
79
72 80
66 81
64 61
70 60
58 57 53
44 40
32
(B501) 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005
Copyright 2005 Ned Davis Research, Inc. Further distribution prohibited without prior permission. All Rights Reserved.
See NDR Disclaimer at www.ndr.com/copyright.html For data vendor disclaimers refer to www.ndr.com/vendorinfo

17. Before

18. Before
Minnetrista Corporation
Proposed Slate of Directors
Frank E. Ball Joan F. Woods
Robert B. Ball C. Robert Heaton
Charles F. Ball R. Michael Miner
James A. Fisher D. Neil Radey
Christopher Stack
James B. Goodbody, Jr.
Paul L. Sehnert, Jr.
Elizabeth M. Zimmerman

19. Before

20. Before
Monthly Data 1/31/1972 - 6/30/2005 (Log Scale)
Standard & Poor's 500 Stock Index
1395 1395
1182 S&P 500 Gain/Annum When: 1182
1001 1001
Gain/ %
848 Median P/EIs: Annum of Time 848
718 Above 21 -2.8 16.2 718
608 * Between 18 and 21 5.6 22.1
608
515 515
18 and Below 11.2 61.6
436 436
370 370
313 313
265 Price Move of: 265
225 7.9% to Overvalued (+1SD) 225
190 -21.8% to Median Value 190
-51.5% to Undervalued (-1SD)
161 161
137 137
116 116
98 98
83 83
70 6/30/2005 = 1191.33 70
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
32 32
30 Very Overvalued 30
28 28
+2 SD
26 26
24 Overvalued 24
22 22
+1 SD
20 20
18 33.5 Year 18
16 Median = 15.3 16
Median
14 14
12 12
10 10
-1 SD
8 8
6 Bargains 6/30/2005 = 19.6 6
(DAVIS100) S&P 500 Median Price/Earnings Ratio (NDR Calculation)
Copyright 2005 Ned Davis Research, Inc. Further distribution prohibited without prior permission. All Rights Reserved.
See NDR Disclaimer at www.ndr.com/copyright.html For data vendor disclaimers refer to www.ndr.com/vendorinfo

21. After
Minnetrista Corporation
July 16, 2005

22. After
Portfolio Composition
Current Target
Growth Equities 41.0% 44%
Bonds 2.6% 5%
Money Market 5.1% 1%
Value Equities 18.3% 18%
Small Cap 14.4% 14%
International 10.1% 10%
Real Estate 5.5% 5%
Emerging Market 3.0% 3%

23. After
Investment Performance (last 12 months)
Portfolio 12 Month 12 Month
Class Benchmark Allocation Return Benchmark
Money Mkts and Equivalents 90-Day US Treasury Bill 5.1% 1.7% 2.2%
Taxable Bonds Lehman Bros Aggregate Bond Index 2.6% 3.5% 4.8%
Real Estate Equities NAREIT Equity REIT Index 5.5% 33.9% 32.6%
US Equities Standard and Poors 500 Stock Index 41.0% 6.3% 6.3%
Large Cap Value Russell 1000 Value Index 18.3% 12.8% 14.0%
Small Cap Equities Russell 2000 Index 14.4% 16.1% 9.5%
International Equities MSCI EAFE Gross Index 10.1% 12.9% 14.1%
Emerging Market Equities SandP/IFC Investable Composite Index 3.0% 36.3% 34.9%
Total 100% 11.6% 11.0%
(thru 6/30/05)

24. After
Investment Performance
Portfolio Inception Inception
Class Benchmark Allocation Return Benchmark
Money Mkts and Equivalents 90-Day US Treasury Bill 5.1% 1.5% 1.6%
Municipal Bonds Lehman Bros 3 Yr Muni Index 0.0% 1.4% 1.1%
Taxable Bonds Lehman Bros Aggregate Bond Index 2.6% 5.1% 5.8%
Real Estate Equities NAREIT Equity REIT Index 5.5% 19.5% 19.4%
US Equities Standard and Poors 500 Stock Index 41.0% 2.8% 1.0%
Large Cap Value Russell 1000 Value Index 18.3% 7.0% 5.6%
Mid Cap Equities Russell Small Cap Completeness Index 0.0% -12.1% -17.6%
Small Cap Equities Russell 2000 Index 14.4% 13.5% 9.9%
International Equities MSCI EAFE Gross Index 10.1% 6.2% 6.6%
Emerging Market Equities SandP/IFC Investable Composite Index 3.0% 19.4% 18.2%
Total 100% 6.3% 5.3%
(thru 6/30/05)

25. After
Minnetrista Corporation Projection
Model vs. Actual
Adjusted for disbursements
$80,000
(000's)
$70,000
$60,000
$50,000
Model Projection
Actual
Index Adjusted
$40,000
$30,000
$20,000
$10,000
Ja 1
Ja 2
Ja 3
Ja 4
Ja 5
Ja 6
Ja 7
Ja 8
Ja 9
Ja 0
02
03
04
05
06
07
08
09
10
11
l-0
l-0
l-0
l-0
l-0
l-0
l-0
l-0
l-0
l-1
n-
n-
n-
n-
n-
n-
n-
n-
n-
n-
Ju
Ju
Ju
Ju
Ju
Ju
Ju
Ju
Ju
Ju
Jul-01 Jul-02 Jul-03 Jul-04 May-05 May-06 May-07 May-08 May-09 May-10 May-11
Model Projection $52,500 $55,053 $56,747 $58,509 $60,346 $62,275 $64,307 $66,457 $68,738 $71,166 $73,755
Actual $51,281 $47,126 $42,796 $49,550 $53,174
Index Adjusted $51,281 $44,080 $41,567 $48,330 $50,589

26. After
The Benefits of Diversification
ANNUAL PERFORMANCE
Year Large Cap Small Cap Bonds International Real Estate
1988 16.50 24.89 7.89 28.59 13.47
1989 31.43 16.24 14.53 10.80 8.84
1990 -3.19 -19.51 8.96 -23.20 -15.34
1991 30.55 46.05 16.00 12.50 35.54
1992 7.68 18.41 7.40 -11.85 14.52
1993 10.00 18.91 9.75 32.94 19.67
1994 1.33 -1.82 -2.92 8.06 3.17
1995 37.50 28.44 18.47 11.55 15.25
1996 23.25 16.49 3.63 6.36 35.26
1997 33.38 22.36 9.65 2.06 20.29
1998 28.76 -2.55 8.69 20.33 -17.51
1999 21.14 21.26 -0.82 27.30 -4.62
2000 -9.19 -3.02 11.63 -13.96 26.35
2001 -11.87 2.49 8.44 -21.21 13.93
2002 -22.10 -20.49 10.26 -15.66 3.81
2003 28.71 47.25 4.10 39.17 37.14
2004 10.87 18.32 4.34 20.69 31.57
Source: Individual asset classes represented by the following indices: Large Cap = S&P 500;
Small Cap =; Russell 2000®; Bonds = Lehman Aggregate Bond Index; International = MSCI EAFE; Real Estate Equity = NAREIT Equity Index.

27. After
Portfolio Return/Payments

28. After
Portfolio Return/Payments
Since Inception Total Return, 7/01 – 5/05 $10,751,000 (6.1% compound annual)
Less: Dividends -5,223,000
Administrative Expenses -2,409,000
Tax Distributions -730,000
Net Retained Value $2,389,000

29. After
Market Outlook

30. After
Federal Reserve Policy

31. After
The Fed and the Markets
On average, the first Fed rate cut comes 5 months after the last
Fed rate hike.
Of the previous 16 final Fed rate hikes in a series of hikes, the
market was lower 6 months later 12 times (75%), with an
average loss of 4.9%.
The Fed usually keeps tightening until the stock market and raw
materials prices break.
Normally the stock market continues to be at risk until the Fed
has lowered rates twice.
Source: Ned Davis Research

32. After
Federal Reserve Policy
Consumer Posture

33. Monthly Data 2/28/1967 - 6/30/2005 (Log Scale)
Dow Jones Industrial Average
Jan 2000
14191 Jun 1998
14191
DJIA Gain/Annum When:
11723 (2/28/1969 - 6/30/2005) 11723
9684 9684
8000 Consumer Gain/ % 8000
Confidence is: Annum of Time
6609 6609
Above 113 0.2 20.8
5460 Mar 2003 5460
* Between 66 and 113 5.8 67.5
4510 4510
3726 66 and Below 27.3 11.7 Sep 1987 3726
Feb 1989
3078 3078
2543 2543
2101 Feb 1992 2101
1735 Jan 1991 1735
1434 Oct 1968 Dec 1972 1434
1184 1184
978 978
808 808
668 Oct 1982 668
552 May 1980 552
456 6/30/2005 = 10275.0 456
Dec 1974
1970 1975 1980 1985 1990 1995 2000 2005
145 145
140 140
135 135
130 Extreme Optimism = Bearish for Stocks 130
125 125
120 120
115 115
110 110
105 105
100 100
95 95
90 90
85 85
80 80
75 75
70 70
65 65
60 60
55 55
50 50
45 45
40 Extreme Pessimism = Bullish for Stocks 6/30/2005 = 105.8 40
(S1060A) Consumer Confidence (Conference Board)
Copyright 2005 Ned Davis Research, Inc. Further distribution prohibited without prior permission. All Rights Reserved.
See NDR Disclaimer at www.ndr.com/copyright.html. For data vendor disclaimers refer to www.ndr.com/vendorinfo/

34. After
Federal Reserve Policy
Consumer Posture
Interest Rates

35. Daily Data 1/02/1979 - 7/05/2005
10-Year Constant Maturity Treasury Note Yields
15.84
15.6 15.6
15.2 15.2
14.8 % 14.8
14.4 14.4
13.99
14.0 13.65 7/05/2005 = 4.11% 14.0
13.6 13.6
13.2 13.2
12.8 12.8
12.4 12.4
12.0 12.0
11.6 11.6
11.2 11.2
10.8 10.8
10.4 10.23 10.4
10.0 10.12 10.0
9.6 9.6
9.47 9.09
9.2 9.2
8.8 8.8
8.76
8.4 8.05
8.4
8.0 8.0
7.6 7.74 7.6
7.2 7.06 7.2
6.79
6.8 6.95 6.8
6.4 6.4
6.0 6.0
5.6 5.44 5.6
5.53
5.2 5.19 4.89
5.2
4.8 4.61 4.8
4.4 4.4
4.0 4.16 4.22 4.0
3.89
3.6 3.70 3.6
3.2 3.2
3.13
1983
1988
1993
1998
2003
(B151)
Copyright 2005 Ned Davis Research, Inc. Further distribution prohibited without prior permission. All Rights Reserved.
See NDR Disclaimer at www.ndr.com/copyright.html. For data vendor disclaimers refer to www.ndr.com/vendorinfo/

36. Monthly Data 4/30/1953 - 6/30/2005
Fed Tightening Cycles
15.3
15
10-Year Treasury Note Yields 14
6/30/2005 = 4.00% 12.8
13
Scale Right 12
11
9.4 10
8.4 9.8 9
7.9 8.0
8
6.7 7
6.9 7.1
5.2 6
4.7 5.7
4.0 5.3 5
4.5 4.5 4
3.7 3
3.3
2.9 200 204
2.3
180 Treasury Yield Curve
(10-Year minus 3-Year Yields)
150 6/30/2005 = 31 120 120 113
120 Scale Left, in Basis Points 98
87 89
90 67
60
60
24
30
0 10
-30 -17 -25
-37
-60 -43
-61 -61 -69
-90 Shaded areas represent Fed tightening cycles
-120 -106266 (1st rate hike to last rate hike)
-130
260
222
240
Corporate Yield Spread 203
218 220
(Moody's Baa minus Aaa Yields) 200
6/30/2005 = 31
Scale Right, in Basis Points 180
148
140
160
123 140
140
151 120
105 99
82
100
79
72 80
66 81
64 61
70 60
58 57 53
44 40
32
(B501) 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005
Copyright 2005 Ned Davis Research, Inc. Further distribution prohibited without prior permission. All Rights Reserved.
See NDR Disclaimer at www.ndr.com/copyright.html. For data vendor disclaimers refer to www.ndr.com/vendorinfo/

37. After

38. After
Minnetrista Corporation
Proposed Slate of Directors
Frank E. Ball Joan F. Woods
Robert B. Ball C. Robert Heaton
Charles F. Ball R. Michael Miner
James A. Fisher D. Neil Radey
Christopher Stack
James B. Goodbody, Jr.
Paul L. Sehnert, Jr.
Elizabeth M. Zimmerman

39. After